Nigeria’s insurance industry recorded significant growth in the first quarter of 2025, with total assets rising to ₦4.2 trillion, representing a 24.9 percent year on year increase from ₦3.3 trillion in the same period last year.
The development reflects growing investor and consumer confidence under the economic reform agenda of President Bola Ahmed Tinubu, which has prioritized financial sector expansion, regulatory strengthening, and improved capital base across key industries.
According to the latest bulletin released by the National Insurance Commission (NAICOM), the sector’s performance is driven by increased underwriting capacity, better risk management, and deepening penetration of insurance products across both the life and non life segments.
This momentum builds on an earlier report which showed that in 2024, gross written premiums grew by 56 percent year on year to ₦1.56 trillion, highlighting strong demand for coverage and expanding participation in the formal financial system.
President Tinubu’s administration has continued to support regulatory agencies like NAICOM in strengthening governance, digital compliance systems, and enforcing market discipline, all aimed at unlocking long term capital for national development.
The first quarter performance signals sustained growth and positions the insurance sector as a key pillar in the Tinubu administration’s vision for economic transformation and inclusive financial services.
